Reduce burden on businesses, LCCI tells Tinubu

The Lagos Chamber of Commerce and Industry (LCCI) yesterday asked President Bola Tinubu to provide targeted support to businesses to reduce their cost burdens related to energy, logistics, and regulatory compliance.

The Director General of LCCI, Dr Chinyere Almona, stated on Wednesday while reacting to the President’s Democratic Day address.

According to her, the LCCI joins all Nigerians to celebrate the peaceful transition and commitment to democratic values in the past twenty-six years. 

SPONSOR AD

She noted that a stable political environment is very crucial for business success and for attracting investments. 

The DG said the government must stay committed to executing all its proposed programs and ongoing reforms to ensure Nigerians reap the benefits of democracy without further delay. 

Specifically, she asked the government to ensure clear and consistent communication about economic reforms and policies to businesses and the public, reducing uncertainty, building confidence, and establishing transparent mechanisms for tracking and reporting progress made through reforms.

“We recommend non-cash interventions that can ease the harsh production environment,” she added.  

Almona called on the government expand social safety net programs to support households affected by high living costs and inflation during this transition period and increase funding for public services such as healthcare, education, and social welfare.

She equally asked the government to foster a collaborative environment between the government, businesses, civil society, and labor unions to ensure fair and timely negotiations on wages and working conditions, and implement continuous dialogue and conflict resolution mechanisms to prevent labor unrest.

“Implement programs that support strategic sectors pivotal to job creation, tax revenues, and infrastructure development. The oil and gas, power, and agriculture sectors require special attention as they offer catalytic support to the economy.

“Support MSMEs through targeted financing, energy access, and market reforms. Micro, small, and medium-sized enterprises (MSMEs) form the backbone of Nigeria’s economy but face limited access to credit and infrastructure.  

“Remain sensitive to the concerns of and feedback from the Organized Private Sector (OPS) and engage in more consultations towards achieving better implementation of policies,” she said.

She commended President Tinubu for the strategic reforms initiated so far, saying despite the short-term challenges, the body remains optimistic about the long-term benefits of the proposed and implemented reforms.